Q2 2024 LivePerson Inc Earnings Call
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The Beginning
Operator: Good afternoon, ladies and gentlemen. Thank you for standing by.
Irene: Good afternoon, ladies and gentlemen. Thank you for standing by. Welcome to LivePerson's second quarter 2024 earnings conference call. My name is Irene, and I will be your conference operator today.
Operator: Welcome to LivePerson's second quarter 2024 earnings conference call. My name is Irene, and I will be your conference operator today. At this time, all participants are in a listen-only mode. After the proof page remarks, the management team from LivePerson will conduct a question and answer session, and conference participants will be given instructions at that time to give everyone the opportunity to participate. Please limit yourself to one question and one follow-up. As a reminder, this conference is being recorded. I would now like to turn the conference call over to Mr. Jon Perachio, Senior Director of Investor Relations. Please go ahead. Thank you.
Irene: At this time, all participants are in a listen-only mode.
Irene: After the prepared remarks, the management team from...
Speaker Change: LivePerson will conduct a question and answer session and conference participants will be given instructions at that time.
Speaker Change: To give everyone the opportunity to participate, please limit yourself to one question and one follow-up.
Speaker Change: As a reminder, this conference is being recorded.
Speaker Change: I would now like to turn the conference call over to Mr. Jon Perachio, Senior Director of Investor Relations.
Jon Perachio: Joining me on today's call is John Sabino, CEO, and John Collins, CFO and COO. Please note that during today's call, we will make four forward-looking statements, which are predictions, projections, and other statements about future results. These statements are based on our current expectations and assumptions as of today, July 31st, 2024, and are subject to risk and uncertainty. Actual results may differ materially due to various factors, including those described in today's earnings press release and in the comments made during this conference call, as well as in 10-Ks, 10-Qs, and other reports we follow at the SEC.
Jon Perachio: Thank you, Irene. Joining me in today's call is John Sabino, CEO , and John Collins, CFO and COO.
Jon Perachio: We assume no obligation to update any forward-looking statements. Also, during this call, we'll discuss certain non-GAAP financial measures. A reconciliation of non-GAAP financial measures is included in today's earnings press release. Both the press release and the supplemental slides, which include highlights for the quarter, are available on the Investor Relations section of LivePerson's website at ir.liveperson.com. With that, I'll turn the call over to LivePerson CEO John Sabino.
Speaker Change: Please note that during today's call, we will make four looking statements, which are predictions, projections, and other statements about future results.
Jon Perachio: These statements are based on our current expectations and assumptions as of today, July 31st, 2024, and are subject to risk and uncertainty.
Jon Perachio: Actual results may differ materially due to various factors, including those described in today's earnings press release and in the comments made during this conference call, as well as in 10-Ks, 10-Qs, and other reports we filed with the SEC.
Jon Perachio: We assume no obligation to update any forward-looking statements.
Jon Perachio: Also during this call, we'll discuss certain non-GAAP financial measures.
Speaker Change: A reconciliation of GAAP to non-GAAP financial measures is included in today's earnings press release.
Speaker Change: Both the press release and the supplemental slides, which include highlights for the quarter, are available on the Investor Relations section of LivePerson's website at ir.liveperson.com.
Speaker Change: With that, I'll turn the call over to LivePerson's CEO , John Sabino.
Speaker Change: Thank you so much, John .
John Sabino: Thank you all for joining us today and for providing a detailed update on our business and strategy. Let me briefly touch on where we are today and what we have delivered since our last earnings call in May. On our last call, we reiterated that addressing our 2026 convertible notes remained a key priority. We have since announced our deal with On Rock Lake, which closed in early June.
John Sabino: Thank you all for joining us today.
John Sabino: Before providing a detailed update on our business and strategy, let me briefly touch on where we are today and what we have delivered since our last earnings call in May.
Speaker Change: On our last call, we reiterated that addressing our 2026 convertible notes remained a key priority.
Speaker Change: We have since announced our deal with One Rock Lake, which closed in early June .
Jon Perachio: This transaction has significantly improved our capital structure and has given our customers and partners confidence that LivePerson will be a long-term strategic partner. Moving on to conversations with customers, I have now met with over 200, doubling from the time of our last call, and I continue to hear that they value our product and want to partner with us in their digital transformations. I have also heard from a select group that we have an opportunity to serve them better, validating our focus on customer success, which has contributed to improve with the added rigor and process installed over the past two quarters.
John Sabino: This transaction has significantly improved our capital structure and has given our customers and partners confidence that LivePerson will be a long-term strategic partner. Moving on to conversations with customers, I have now met with over 200, doubling from the time of our last call, and I continue to hear that they value our product and want to partner with us in their digital transformation.
Speaker Change: This transaction has significantly improved our capital structure and has given our customers and partners confidence that LivePerson will be a long-term strategic partner.
Speaker Change: Moving on to conversations with customers, I have now met with over 200, doubling from the time of our last call. And I continue to hear that they value our product and want to partner with us in their digital transformation.
John Sabino: I've also heard from a select group that we have an opportunity to serve them better, validating our focus on customer success, which has contributed to improved with the added rigor and process installed over the past two quarters. Customers have also expressed their excitement about our strategic partnership with Avaya, which I am pleased to report is on track with addressable opportunities building in the pipeline. More importantly, customers are excited about our pivot to embrace voice in Omnichannel, which aligns with our strategy to improve our go-to-market strategy with strategic voice partners and other strategic partnerships.
Speaker Change: I've also heard from select groups that we have an opportunity to serve them better, validating our focus on customer success, which has contributed to improve with the added rigor and process installed over the past two quarters.
Jon Perachio: Customers have also expressed their excitement about our strategic partnership with Avaya, which I am pleased to report is on track with addressable opportunities building in the pipeline. More importantly, customers are excited about our pivot to embrace voice in Omni Channel, which aligns with a strategy to improve our go-to-market motion with strategic voice partners and other strategic partnerships. Supporting our activity customers and partnerships, we have also been able to roll out new pricing and packaging these GA well ahead of schedule, which I will discuss in greater detail later on the call.
Speaker Change: Customers have also expressed their excitement about our strategic partnership with Avaya, which I am pleased to report is on track with addressable opportunities building in the pipeline.
Speaker Change: More importantly, customers are excited about our pivot to embrace voice in the Omnichannel, which aligns with our strategy to improve our go-to-market notion with strategic voice partners and other strategic partnerships.
John Sabino: Supporting our activity with customers and partnerships, we've also been able to roll out new pricing and packaging as GA, well ahead of schedule, which I will discuss in greater detail later on in the call. Finally, I want to acknowledge Sandy Hogan joining LivePerson as our new Chief Revenue Officer, who started in early June. With decades of go-to-market experience and a proven track record of driving significant growth, I cannot wait to see what you will bring to LivePerson.
Speaker Change: Supporting our activity with customers and partnerships, we've also been able to roll out new pricing and packaging as GA, well ahead of schedule, which I will discuss in greater detail later on the call.
Jon Perachio: Finally, I want to acknowledge Sandy Hogan joining LivePerson as our new Chief Revenue Officer, who started in early June. With decades of go-to-market experience and a proven track record for driving significant growth, I cannot wait to see which you will bring to LivePerson. With our go-to-market leadership team in place, our commercial organization is in position to execute on expansion and retention, as well as driving new business.
Speaker Change: Finally, I want to acknowledge Sandy Hogan joining LivePerson as our new Chief Revenue Officer who started in early June . With decades of go-to-market experience and a proven track record of driving significant growth, I cannot wait to see what she will bring to LivePerson.
John Sabino: With our go-to-market leadership team in place, our commercial organization is in position to execute on expansion and retention, as well as driving new business. Now that I've shared that summary of our progress since our last call, Let me update you briefly on our second quarter results. Revenue in the second quarter was $79.9 million, at the high end of our guidance range, mainly driven by successful efforts to retain at-risk customers during the quarter. And adjusted EBITDA was $8.2 million above the high end of our guidance range, largely as a result of the actions the company has taken to reduce costs.
Speaker Change: With our go-to-market leadership team in place, our commercial organization is in position to execute on expansion and retention, as well as driving new business.
Jon Perachio: Now that I've shared that summary of our progress since our last call, let me update you briefly on our second quarter results. Revenue in the second quarter was 79.9 million at the high end of our guidance range, mainly driven by successful efforts to retain at-risk customers during the quarter. And the adjusted EBITDA was 8.2 million above the high end of our guidance range, largely as a result of the actions that the company has taken to reduce costs. General Collins will provide more detail on financial results in his section, but I wanted to reiterate that we achieved what we set out to do in the second quarter and that these results and the maintenance of our full-year guidance represents a second consecutive quarter of execution on our strategy.
Speaker Change: Now that I've shared that summary of our progress since our last call.
Speaker Change: Let me update you briefly on our second quarter results.
Speaker Change: Revenue in the second quarter was $79.9 million at the high end of our guidance range, mainly driven by successful efforts to retain at-risk customers during the quarter.
Speaker Change: An adjusted EBITDA was $8.2 million, above the high end of our guidance range, largely as a result of the actions the company has taken to reduce costs.
Speaker Change: John Collins will provide more detail on financial results in his section.
John Sabino: John Collins will provide more detail on our financial results in his section, but I wanted to reiterate that we achieved what we set out to do in the second quarter and that these results and the maintenance of our full year guidance represent a second consecutive quarter of execution on our strategy. Now, I would like to provide more detail on our progress in the three key focus areas of our transformation strategy. First, our capital structure.
Speaker Change: But I wanted to reiterate that we achieved what we set out to do in second quarter and that these results and the maintenance of our full year guidance represents a second consecutive quarter of execution on our strategy.
Jon Perachio: Now I would like to provide more detail on our progress in the three key focus areas of our transformation strategy. First is our capital structure. As discussed earlier in the second quarter, we completed the first step in addressing our 2026 nodes, which increased confidence with our customers who were renewing and expanding their business with us. Prior to this transaction, some of our largest customers raised concerns about life-person viability with a long-term partner. But since the transaction was announced, customers have expressed confidence in strategically partnering with us, which has enabled key renewals. These included two of the largest telecommunications companies in the world, one renewal being an excess of eight figures, and one of the top investment banks in the world.
John Deneen Collins: Now I would like to provide more detail on our progress in the three key focus areas of our transformation strategy.
John Sabino: As discussed earlier, in the second quarter, we completed the first step in addressing our 2026 notes, which increased confidence among our customers who are renewing and expanding their business with us. Prior to this transaction, some of our largest customers raised concerns about LivePerson's viability as a long-term partner, but since the transaction wasn't bad, they didn't care.
Speaker Change: First is our capital structure.
Speaker Change: As discussed earlier, in the second quarter, we completed the first step in addressing our 2026 notes, which increased confidence with our customers who are renewing and expanding their business with us.
Speaker Change: Prior to this transaction, some of our largest customers raised concerns about LivePerson's viability with a long-term partner.
John Sabino: Customers have expressed confidence in strategically partnering with us, which has enabled key renewals. These included two of the largest telecommunications companies in the world, one renewal being in excess of eight figures, and one of the top investment banks in the world. We have a long way to go to systemically address our new challenges, but these renewals are a step in the right direction. Second, let me update you on our go-to market. As I have already discussed,
Speaker Change: But since the transaction was announced...
Speaker Change: Customers have expressed confidence in strategically partnering with us, which has enabled key renewals.
Speaker Change: These included two of the largest telecommunications companies in the world, one renewal being in excess of eight figures.
Jon Perachio: We have a long way to go to systemically address our new challenges, but these renewals are stepping in the right direction.
Speaker Change: and one of the top investment banks in the world.
Speaker Change: We have a long way to go to systemically address our renewal challenges, but these renewals are a step in the right direction.
Jon Perachio: Second, let me update you on our go-to-market motion. As I've already discussed, the announcement of the transaction back in May has removed a significant hurdle in our go-to-market motion. In addition, the operational improvements put in place with customer success are increasingly providing more value. The rigorous structure and forecasting has allowed us to be more strategic in the application of adoption frameworks and maturity models for enterprise customers. These frameworks are purpose-built to deliver the highest return on investment by driving increased usage and adoption of the broader capabilities of our platform, including the ability to orchestrate several LLMs across BU's use cases and vendors.
Speaker Change: Second, let me update you on our go-to-market motion.
John Sabino: The announcement of the transaction back in May has removed a significant hurdle in our go-to-market. In addition, the operational improvements put in place with customer success are increasingly providing more value. The rigorous structure and forecasting has allowed us to be more strategic in the application of adoption frameworks and maturity models for our enterprise customers. These frameworks are purpose-built to deliver the highest return on investment by driving increased usage and adoption of the broader capabilities of our platform, including the ability to orchestrate several LLMs across BU's use cases and vendors.
Speaker Change: As I have already discussed.
Speaker Change: The announcement of the transaction back in May has removed a significant hurdle in our go-to-market motion.
Speaker Change: In addition, the operational improvements put in place with Customer Success are increasingly providing more value.
Speaker Change: The rigorous structure and forecasting has allowed us to be more strategic in the application of adoption frameworks and maturity models for our enterprise customers.
Speaker Change: These frameworks are purpose-built to deliver the highest return on investment by driving increased usage and adoption of the broader capabilities of our platform, including the ability to orchestrate several LLMs across BU's use cases and vendors.
Jon Perachio: I lighted earlier our new pricing and packaging was launched GA on June 18th, months ahead of schedule. The new pricing and packaging is extremely simple and streamlined, with good, better, and best packages that showcase our innovation. Services have been bundled into the price, along with platform capabilities such as analytics and integrations. Unlike most other vendors, LivePerson now only has two pricing meters, with almost no add-on costs. So contracts are easy to scope with no surprises. It also allows brands to bring their own LLMs and third-party AI without incurring additional costs. In part, thanks to this new pricing model alongside our strong product capabilities, we were able to win back and expand a major healthcare provider.
John Sabino: As highlighted earlier, our new pricing and packaging was launched GA on June 18, months ahead of schedule. The new pricing and packaging is extremely simple and streamlined, with good, better, and best packages that showcase our innovation. Services have been bundled into the price along with platform capabilities such as analytics and integration. Unlike most other vendors, LivePerson now has only two pricing meters, with almost no add-ons. So contracts are easy to scope with no surprises.
Speaker Change: Highlighted earlier, our new pricing and packaging was launched GA on June 18, months ahead of schedule.
Speaker Change: The new pricing and packaging is extremely simple and streamlined with good, better, and best packages that showcase our innovation.
Speaker Change: Services have been bundled into the price along with platform capabilities such as analytics and integrations.
Speaker Change: Unlike most other vendors, LivePerson now only has two pricing meters, with almost no add-on costs.
Speaker Change: So contracts are easy to scope with no surprises.
John Sabino: It also allows brands to bring their own LLMs and third-party AI without incurring additional costs. In part, thanks to this new pricing model alongside our strong product capability, we were able to win back and expand a major health care provider. This customer found that our straightforward, all-inclusive pricing structure provided significant value and faster scaling. We expect this momentum to continue in future quarters.
Speaker Change: It also allows brands to bring their own LLMs and third-party AI without incurring additional cost.
Speaker Change: In part, thanks to this new pricing model, alongside our strong product capabilities.
Speaker Change: We were able to win back and expand a major healthcare provider. This customer found that our straightforward, all-inclusive pricing structure provided significant value and faster scaling.
Jon Perachio: This customer found that our straightforward, all-inclusive pricing structure provided significant value and faster scaling. We expect this momentum to continue in future course.
Speaker Change: We expect this momentum to continue in future quarters.
Jon Perachio: I would now like to update you on our partner strategy. We have had dozens of enterprise brands leaning into our vision for a unified, omnichannel workspace that integrates LivePerson with best-in-class voice solutions like the BIOS. But unifying by unifying the agent workspace, analytics, and AI within the conversational cloud, LivePerson becomes the single pane of glass for brands as they navigate their voice-to-digital transformation. We anticipate a GA release of these capabilities by the end of Q3 and a rapid expansion of functionality and partnerships with more integrated CCast vendors that come in the following course.
John Sabino: I would now like to update you on our partner strategy. We have dozens of enterprise brands leaning into our vision for a unified omni-channel experience that integrates LivePerson with best-in-class voice solutions like Viya. By unifying the agent workspace, analytics, and AI within the conversational cloud, LivePerson becomes the single pane of glass for brands as they navigate their voice-to-digital transformation. We anticipate a GA release of these capabilities by the end of Q3 and a rapid expansion of functionality and partnerships with more integrated CCAS vendors that come in the following quarter.
Speaker Change: I would now like to update you on our partner strategy.
Speaker Change: We have had dozens of enterprise brands leaning into our vision for a unified, omni-channel workspace.
Speaker Change: that integrates LivePerson with best-in-class voice solutions like the Viya.
Speaker Change: But unifying, by unifying the agent workspace, analytics, and AI within the conversational cloud, LivePerson becomes the single pane of glass for brands as they navigate their voice to digital transformation.
Jon Perachio: This brings me to our third area of focus: extending our advantage in product integration and orchestration. Today, we have over 70 customers paying for generative AI, including 23 of our top 100 customers. The number of customers who have adopted generative AI has grown 20% since last quarter. Additionally, in the last quarter, we have powered over 6 million conversations with our generative AI capabilities, which is up over 165% quarter over quarter. Unlike legacy chatbot systems, which struggle with complex conversations, and they often sound robotic, LivePerson's generative AI bots engage in a sophisticated, personalized interaction that drives business outcomes and helps agents provide better customer service.
John Sabino: This brings me to our third area of focus, extending our advantage in product integration and orchestration. Today, we have over 70 customers paying for generative AI, including 23 of our top 100 customers. The number of customers who have adopted generative AI has grown 20% since last quarter. Additionally, in the last quarter, we have powered over six million conversations with our generative AI capabilities, which is up over 165% quarter over quarter. Unlike legacy chatbot systems, which struggle with complex conversations and often sound robotic, LivePerson's generative AI bots engage in sophisticated, personalized interactions that drive business outcomes and help agents provide better customer service.
Speaker Change: Unlike legacy chatbot systems, which struggle with complex conversations, and they often sound robotic, LivePerson's generative AI bots engage in a sophisticated, personalized interaction that drives business outcomes and helps agents provide better customer service.
Jon Perachio: Our customers using LivePerson's generative AI capabilities report seeing higher customer satisfaction and improved operational. In the last quarter, the adoption of LivePerson's Generator's AI capabilities has grown significantly, and the highlights include a leading North American telecommunications provider deploying our AI co-pilot to now over 7,000 agents. A major European telecommunications provider reducing average response times by seven minutes and improving their net promoter score by five points. It will cost by 60%, and a top 10 US credit youth lowering their average response times by 20%. These results show that generative AI is getting deployed throughout our customer base globally because it's driving real-world results.
John Sabino: Our customers using LivePerson's generative AI capabilities report seeing higher customer satisfaction and improved operational efficiency. In the last quarter, the adoption of LivePerson's generative AI capabilities has grown significantly, and the highlights include a leading North American telecommunications provider deploying our AI co-pilot to now over 7,000 agencies; and a major European telecommunications provider reducing average response times by 7 minutes and improving their net promoter score by 5 points.
Speaker Change: Our customers using LivePerson's generative AI capabilities report seeing higher customer satisfaction and improved operational efficiency.
Speaker Change: In the last quarter, the adoption of LivePerson's generative AI capabilities has grown significantly, and the highlights include a leading North American telecommunications provider deploying our AI co-pilot to now over 7,000 agents.
Speaker Change: A major European telecommunications provider reducing average response times by 7 minutes and improving their net promoter score by 5 points.
John Sabino: Another example is a large retailer utilizing LivePerson's AI to cut operational costs by 60%, and a top 10 U.S. credit union lowering their average response times by 20%. These results show that generative AI is getting deployed throughout our customer base globally because it's driving real-world results. We also continued our track record of product innovation at our SPARC conference in May. During this event, we introduced several new AI innovations designed to deliver better customer experiences and increased operational efficiencies.
Speaker Change: Another is a large retailer utilizing LivePerson's AI to cut operational costs by 60%.
Speaker Change: and a top 10 U.S. credit union, lowering their average response times by 20%.
Speaker Change: These results show that generative AI is getting deployed throughout our customer base globally because it's driving real-world results.
Jon Perachio: We also continue our track record of product innovation at our Spark Conference in May. During this event, we introduce several new AI innovations designed to deliver better customer experiences and increased operational efficiencies. Highlights from the event included bringing your own LLM, which allows brands to integrate their own large language models from Google, Amazon, and OpenAI and others in the LivePerson. Co-pilot rewrite, which refines agent messages for clarity and professionalism, helping agents achieve exceptional customer experience. We have generative AI routing agents that accurately understand customer needs and efficiently route them to the appropriate resource, whether that be a bot or a human agent.
Speaker Change: During this event, we introduced several new AI innovations designed to deliver better customer experiences and increased operational efficiencies.
John Sabino: Highlights from the event included bringing your own LLM, which allows brands to integrate their own large language models from Google, Amazon, and OpenAI and others into LivePerson. Co-Pilot Rewrite, which refines agent messages for clarity and professionalism, helping agents achieve exceptional customer experiences. We have generative AI routing that accurately understands customer needs and efficiently routes them to the appropriate resource, whether that be a bot or a human agent. And we've created data collection agents, which effectively gather information from customers, making the data collection process more efficient.
Speaker Change: which refines agent messages for clarity and professionalism, helping agents achieve exceptional customer experience.
Speaker Change: We have generative AI routing agents.
Speaker Change: that accurately understand customer needs and efficiently routes them to the appropriate resource, whether that be a bot or a human agent. And we've created data collection agents, which effectively gather information from customers, making the data collection process more efficient and accurate.
Jon Perachio: And we've created data collection agents, which effectively gather information from customers, making the data collection process more efficient, accurate. The innovations launched at Spark will help our customers remain at the forefront of generative AI in customer care. Over the next several quarters, the innovation coming from LivePerson will continue our focus on building more AI agents, improving AI co-pilot, and integrating voice into the LivePerson agent workspace.
John Sabino: The innovations launched at Spark will help our customers remain at the forefront of generative AI in customer care. Over the next several quarters, the innovations coming from LivePerson will continue our focus on building more AI agents, improving AI co-pilot, and integrating voice into the LivePerson agent workspace. Beforehand, in this call with John Collins.
Speaker Change: The innovations launched at Spark will help our customers remain at the forefront of generative AI in customer care.
Speaker Change: Over the next several quarters, the innovation coming from LivePerson will continue our focus on building more AI agents, improving AI co-pilot, and integrating voice into the LivePerson agent workspace.
Jon Perachio: Before handing this call to John Collins, I want to reiterate that we are continuing to execute a multi-quarter turnaround that will take time to see the long-term results. I want to thank the LivePerson team for their strong commitment and the rapid execution on the transformation strategy that we've laid out in February. We continue to deliver the expectations we set by improving our capital structure and continuing to make strides and go to market by adding new leadership, launching new pricing and packaging, and advancing our partnerships with the Viya and others. We have also continued to increase our strengths in our product with exciting solutions to drive incremental value as we work with our customers to deliver their digital-first feature.
John Sabino: I want to reiterate that we are continuing to execute a multi-quarter turnaround that will take time to see the long-term results. I want to thank the LivePerson team for their strong commitment and the rapid execution on the transformation strategy that we laid out in February. We continue to deliver on the expectations we set by improving our capital structure and continuing to make strides and go to market by adding new leadership, launching new pricing and packaging, and advancing our partnerships with Avaya and others.
Speaker Change: Before handing this call to John Collins, I want to reiterate that we are continuing to execute a multi-quarter turnaround that will take time to see the long-term results.
Speaker Change: I want to thank the LivePerson team for their strong commitment and the rapid execution on the transformation strategy that we've laid out in February .
John Deneen Collins: We continue to deliver the expectations we set by improving our capital structure and continuing to make strides and go to market by adding new leadership, launching new pricing and packaging, and advancing our partnerships with Avaya and others.
John Sabino: We have also continued to increase our strengths in our product with exciting solutions to drive incremental value as we work with our customers to deliver their digital first future. I look forward to continuing to update you on our progress in the quarters to come. Now, let me pass this call to our CFO and COO, John Collins.
John Deneen Collins: We have also continued to increase our strengths in our product with exciting solutions to drive incremental value as we work with our customers to deliver their digital-first future.
Jon Perachio: I look forward to continuing to update your progress in the quarters to come.
John Deneen Collins: I look forward to continuing to update you on our progress in the quarters to come.
John Collins: Now let me pass this call to our CFO and COO, John Collins.
John Deneen Collins: Now let me pass this call to our CFO and COO, John Collins. John ?
John Collins: Thanks, John.
John Deneen Collins: I'll begin with a brief operational update followed by a discussion of our financial performance and guidance. As previously announced, following the May earnings call, we closed the transaction with our largest note holder, LinrockLit.
John Collins: I'll begin with a brief operational update, followed by discussion of our financial forms and guidance. As previously announced, following the May earnings call, we closed the transaction with our largest new owner, Lynn Rockwood. That significantly improved our capital structure by enabling us to capture some of the discounted current market price of our 2026 convertible notes, extend debt maturity scandals, and raise new capital to facilitate further delivery. with a stronger balance sheet, where better position to meet the needs of our customers and partners for the long run and to accelerate value creation for shareholders. To this end, as Jon alluded to, to transactionably and rock rate, reinforce customer confidence to renew and expand business with us in the second quarter.
John Deneen Collins: Thanks, Jon. I'll begin with a brief operational update, followed by a discussion of our financial performance and guidance.
John Deneen Collins: As previously announced, following the May earnings call, we closed the transaction with our largest node holder, LinrockLit. That significantly improved our capital structure by enabling us to capture some of the discounted current market price of our 2026 convertible nodes, extend debt maturity schedules, and raise new capital to facilitate further de-leveraging.
John Deneen Collins: This significantly improved our capital structure by enabling us to capture some of the discounted current market price of our 2026 convertible notes, extend debt maturity schedules, and raise new capital to facilitate further de-leveraging. With a stronger balance sheet, we are better positioned to meet the needs of our customers and partners for the long run and to accelerate value creation for shareholders. To this end, as Jon alluded to, the transaction with Linrock Rake reinforced customer confidence to renew and expand business with us in the second quarter. I would also like to provide a brief update on wild health.
John Deneen Collins: With a stronger balance sheet, we are better positioned to meet the needs of our customers and partners for the long run and to accelerate value creation for shareholders. To this end, as Jon alluded to, the transaction with Linrock Rake reinforced customer confidence to renew and expand business with us in the second quarter.
John Collins: I would also like to provide a brief update on Wild Health. In the second quarter, we divested Wild Health, consistent with the expectations we set previously, because the business was operating at a significant loss. The timing of this semester was a creative turn. Saving an estimated three to five million employer expenses, which we previously accounted for and got it. Note that LivePerson did not retain any interest in or obligations to Wild Health, which materially limits the potential for liabilities tied to future patient claims. In terms of deals and significant customer wins in the second quarter, we continued to build momentum.
John Deneen Collins: In the second quarter, we divested wild health, consistent with the expectations we set previously. Because the business was operating at a significant loss, the timing of this divestiture was accretive to earnings, saving an estimated $3-5 million in full year expenses, which we previously accounted for in guiding. Note that LivePerson did not retain any interest in, or obligations to, wild health, which materially limits the potential for liabilities tied to future patient claims.
John Deneen Collins: I would also like to provide a brief update on wild health. In the second quarter, we divested wild health, consistent with the expectations we set previously.
John Deneen Collins: Because the business was operating at a significant loss, the timing of this divestiture was accretive to earnings, dating an estimated three to five million in full year expenses, which we previously accounted for in guidance.
John Deneen Collins: Note that LivePerson did not retain any interest in, or obligations to, wild health, which materially limits the potential for liabilities tied to future patient claims.
John Deneen Collins: In terms of deals and significant customer wins in the second quarter, we continue to build momentum. We signed over 37 deals, including nine new logos and 28 expansions and renewals. While the number of deals was down 8% from the first quarter, the value of these deals was up 58% sequentially. Expansions and renewals included a seven-figure upsell with a global financial services company and an episode with a global audio streaming company. New Logo Wings included a large New Zealand-based telecommunications company and a large U.S. mortgage company.
Speaker Change: In terms of deals and significant customer wins in the second quarter, we continue to build momentum. We signed over 37 deals, including nine new logos and 28 expansions and renewals.
John Collins: We signed up 37 deals, including nine new logos and 28 expansions and renewals. While the number of deals was down 8% from the first quarter, the value of these deals was up 58% sequentially. Expansions and renewals included a seven-figure upsell with a global financial services company and an upsell with a global audio streaming company. New logo wins included a large New Zealand-based telecommunications company and a large US mortgage company.
Speaker Change: While the number of deals was down 8% from the first quarter, the value of these deals was up 58% sequentially.
Speaker Change: Expansions and renewals included a seven-figure upsell with a global financial services company.
Speaker Change: and an episode with a global audio streaming company.
Speaker Change: New Logo Wings included a large New Zealand-based telecommunications company and a large U.S. mortgage company.
John Collins: As for second quarter financial results, total revenue was 79.9 million at the high end of our guidance range, driven primarily by lower-than-expected customer change. While health contributed 1.1 million to total revenue in the second quarter, with the investor of a lot of health, and we do not expect any revenue or cost impact going forward, which was reflected in our prior guidance. Adjustment even after the second quarter was above our guidance range at 8.2 million, driven primarily by one-time benefit from vendor settlement and higher than expected revenue. Revenue from B2B housing services was 67.3 million, down 17% year-over-year. B2B core referring revenue was 74 million, down 18% year-over-year, driven by customer cancellations and down sales that we discussed in the first quarter.
John Deneen Collins: As for second quarter financial results, total revenue was $79.9 million, at the high end of our guidance range, driven primarily by lower than expected customer turnover. WildHealth contributed $1.1 million to total revenue in the second quarter. With the divestiture of WildHealth, we do not expect any revenue or cost impact going forward, which was reflected in our prior guidance. Adjusted EBITDA for the second quarter was above our guidance range at $8.2 million, driven primarily by a one-time benefit from a vendor settlement and higher-than-expected revenue.
Speaker Change: As for second quarter financial results, total revenue is $79.9 million at the high end of our guidance range, driven primarily by lower than expected customer turnover.
Speaker Change: WildHealth contributed $1.1 million to total revenue in the second quarter. With the divestiture of WildHealth, we do not expect any revenue or cost impact going forward, which was reflected in our prior guidance.
Speaker Change: Adjustment EBITDA for the second quarter was above our guidance range at 8.2 million, driven primarily by a one-time benefit from a vendor settlement and higher than expected revenue.
John Deneen Collins: Revenue from B2B hosted services was $67.3 million, down 17% year over year. B2B core recurring revenue was $74 million, down 18% year over year, driven by customer cancellations and lower sales that we discussed in the first quarter. Professional services revenue was 12.69 million, down 23% year-over-year, driven primarily by the same factors impacting revenue from hosting. From a geographic perspective, U.S. revenue was $57.3 million, and international revenue was $22.6 million, or 72% and 28% of total revenue, respectively.
Speaker Change: Revenue from B2B hosted services was $67.3 million, down 17% year-over-year. B2B core recurring revenue was $74 million, down 18% year-over-year, driven by customer cancellations and downsells that we discussed in the first quarter.
John Collins: Professional services revenue was 12.6 million, down 23% year-over-year, driven primarily by the same factors impacting revenues and hosted services. From a geographic perspective, US revenue was 67.3 million, and international revenue was 22.6 million, where 72% and 28% of total revenue, respectively. Out of revenue per customer was 630,000, up 10%, driven in part by extensions with our largest customers, and also by customer trim. RPO declined 13% sequentially to 283 million, driven again by the same factors underlying the decline in revenue. Net revenue retention was 83% in the second quarter, compared to 89% in the first quarter.
Speaker Change: Professional services revenue was $12.69 million, down 23% year-over-year, driven primarily by the same factors impacting revenue from hosted services.
Speaker Change: From a geographic perspective, U.S. revenue was $57.3 million, and international revenue was $22.6 million, or 72% and 28% of total revenue, respectively.
John Deneen Collins: Average revenue per customer was $630,000, up 10%, driven in part by expansions with our largest customers and also by customer turnover. RPO declined 13% sequentially to $283 million, driven, again, by the same factors underlying the decline in revenue.
Speaker Change: Average revenue per customer was $630,000, up 10%, driven in part by expansions with our largest customers and also by customer care.
Speaker Change: RPO declined 13% sequentially to $283 million, driven, again, by the same factors underlying the decline in revenue.
John Deneen Collins: Net revenue retention was 83% in the second quarter, compared to 89% in the first quarter. As previously discussed, NRR is a lagging indicator of progress on our strategy due to it being a function of in-period revenue. Given the size and timing of cancellations in the first half, we continue to expect revenue to decline sequentially through this year to the fourth quarter, as the full year impact of this customer churn is realized.
Speaker Change: Net revenue retention was 83% in the second quarter, compared to 89% in the first quarter.
John Collins: As previously discussed, NRR is a lagging indicator of progress on our strategy due to it being a function of impaired revenue. Given the size and timing of cancellations in the first half, we continue to expect revenue to decline sequentially through this year to the fourth quarter. As the full-year impact of this customer trim is realized, in contrast to NRR, we view new annual recurring revenue that is the net of annualized booking annualized trim as a leading indicator of progress on our strategy. While still a negative value in the second quarter, new ARR improved from the first quarter to the second quarter, and we continue to expect further improvement in the third quarter.
Speaker Change: As previously discussed, NRR is a lagging indicator of progress on our strategy due to it being a function of in-period revenue.
Speaker Change: Given the size and timing of cancellations in the first half, we continue to expect revenue to decline sequentially through this year to the fourth quarter.
John Deneen Collins: In contrast to NRR, we view new annual recurring revenue, that is the net of annualized bookings and annualized churn, as a leading indicator of progress on our strategy. While still a negative value in the second quarter, new ARR improved from the first quarter to the second quarter, and we continue to expect further improvement in the third quarter.
Speaker Change: as the full year impact of this customer churn is realized.
Speaker Change: In contrast to NRR, we view new annual recurring revenue, that is the net of annualized bookings and annualized churn, as a leading indicator of progress on our strategy.
Speaker Change: While still a negative value in the second quarter, new ARR improved from the first quarter to the second quarter, and we continue to expect further improvement in the third quarter.
John Collins: Finally, in terms of cash, we ended the second quarter with 146 million of cash on the balance sheet, inclusive of the proceeds net of transaction costs from the previously announced transaction with Lunar Au Lace. In terms of guidance to the third quarter, we expect revenue to be in the range of 69 million to 73 million. This is a sequential decline of approximately 9 million at the midpoint, which, as discussed, is primarily driven by customer cancellations and downfills in the first half, and to a lesser extent, the divestiture of Wild Health. B2B core recurring revenue is expected to be approximately 92% of total revenue in the third quarter.
John Deneen Collins: Finally, in terms of cash, we ended the second quarter with $146 million of cash on the balance sheet, inclusive of the proceeds net of transaction costs from the previously announced transaction with Lunarok Ways. In terms of guidance for the third quarter, we expect revenue to be in the range of $69 million to $73 million. This is a sequential decline of approximately 9 million at the midpoint, which, as discussed, is primarily driven by customer cancellations and downfills in the first half and, to a lesser extent, the divestiture of wild health.
Speaker Change: Finally, in terms of cash, we ended the second quarter with $146 million of cash on the balance sheet, inclusive of the proceeds, net of transaction costs, from the previously announced transaction with LunarWave.
Speaker Change: In terms of guidance for the third quarter, we expect revenue to be in the range of $69 million to $73 million.
Speaker Change: This is a sequential decline of approximately 9 million at the midpoint, which, as discussed, is primarily driven by customer cancellations and downfills in the first half, and, to a lesser extent, the divestiture of wild health.
John Deneen Collins: B2B core recurring revenue is expected to be approximately 92% of total revenue in the third quarter. As for adjusted EBITDA in the third quarter, we expect a range of $0 to $5 million. The sequential step-down in adjusted EBITDA is driven almost entirely by the sequential step-down in revenue. For the full year, we are maintaining a revenue guidance range of $300 million to $315 million. As for B2B core recurring revenue, consistent with the third quarter, we expect it to be approximately 92% of total revenue for the full year.
Speaker Change: B2B Core recurring revenue is expected to be approximately 92% of total revenue in the third quarter.
John Collins: As for just EBITDA in the third quarter, we expect a range of 0 to 5 million. The sequential step-down in adjusted EBITDA is driven almost entirely by the sequential step-down in revenue.
Speaker Change: As for adjusted EBITDA in the third quarter, we expect a range of zero to five million. The sequential step-down in adjusted EBITDA is driven almost entirely by the sequential step-down in revenue.
John Collins: For the full year, we are maintaining a revenue guidance range of 300 million to 315 million. As for B2B core recurring revenue, consistent with the third quarter, we expect it to be approximately 92% of total revenue for the full year. Finally, we are also maintaining our adjusted EBITDA guidance at a range of 15 million to 26 million, and we continue to expect the B2B business to be pre-catchable positive for the full year.
Speaker Change: For the full year, we are maintaining our revenue guidance range of $300 million to $315 million.
Speaker Change: As for B2B core recurring revenue, consistent with the third quarter, we expect it to be approximately 92% of total revenue for the full year.
John Deneen Collins: Finally, we are also maintaining our adjusted EBITDA guidance, at a range of $15 million to $26 million. And we continue to expect the B2B business to be free cash flow positive for the next four years. Before taking questions, I'd like to briefly summarize the progress we've made on our strategy during the prior two quarters. We've significantly reduced our cost structure and completed the wind-down or divestiture of all non-core business lines, focusing the business and bringing it one step closer to sustainable generation of cashflow.
Speaker Change: Finally, we are also maintaining our adjusted EBITDA guidance.
Speaker Change: at a range of $15 million to $26 million. And we continue to expect the B2B business to be free cash flow positive for the full year.
John Collins: Before taking questions, I'd like to briefly summarize the progress we've made on our strategy during the Friday to quarter. We've significantly reduced our cost structure and completed the wind-down or divestiture of all non-core business lines, focusing the business and bringing it one step closer to sustainable generation of cash flow. We've onboarded a CCO and CRO who are accelerating the rebuild of our commercial operations. We've closed a transaction with our largest newholder that reduced our debt, extended majorities, and raised capital to facilitate further delivery, giving customers the confidence to continue renewing and expanding business with us.
John Deneen Collins: We've onboarded a CCO and a CRO who are accelerating the rebuild of our commercial operations. We've closed a transaction with our largest new holder that reduced our debt, extended maturities, and raised capital to facilitate further deleveraging, giving customers the confidence to continue renewing and expanding business with us. Collectively, this progress, coupled with ongoing investment into voice integrations and related partners, strengthens LivePerson's foundation. We expect continued execution of our strategy to reinforce confidence in LivePerson as a trusted strategic partner for the voice-to-digital transformation of enterprise customer service.
Speaker Change: Before taking questions, I'd like to briefly summarize the progress we've made on our strategy during the prior two quarters.
Speaker Change: We've significantly reduced our cost structure and completed the wind-down or divestiture of all non-core business lines, focusing the business and bringing it one step closer to sustainable generation of cash flow.
Speaker Change: We've onboarded a CCO and a CRO who are accelerating the rebuild of our commercial operations.
Speaker Change: We've closed a transaction with our largest new holder that reduced our debt, extended maturities, and raised capital to facilitate further deleveraging, giving customers the confidence to continue renewing and expanding business with us.
John Collins: Collectively, this progress, coupled with ongoing investment into voice integrations and related partners, strengthened live-person foundation. We expect continued execution of our strategy to reinforce confidence in live-person, as a trusted strategic partner for the voice-to-digital transformation of enterprise customer service.
Speaker Change: Collectively, this progress coupled with ongoing investment into voice integrations and related partners
Speaker Change: Strengthen LivePerson's Foundation
Speaker Change: We expect continued execution of our strategy to reinforce confidence in LivePerson as a trusted strategic partner for the voice-to-digital transformation of enterprise customer service.
John Collins: And with that, I'll pass the call back to the operator for questions. Thank you.
Speaker Change: And with that, I'll pass the call back to the operator for questions.
Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star and then 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press Star and then 2 if you would like to remove a question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the start key.
Operator: We will now be conducting a question and on-session. If you would like to ask a question, please restore and then one on your telephone keypad. A confirmation turn will indicate your line is in the question queue. You may press star and then two if you would like to remove a question from the queue. For participants, using speak equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please, while we pull for questions.
Speaker Change: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star and then 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue.
Speaker Change: You may press star and then 2 if you would like to remove a question from the queue.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys.
Operator: One moment, please, while we poll for questions. The first question we have is from John Van Ree of Craig Hallam. Please go ahead.
Speaker Change: One moment, please, while we poll for questions.
John Van Rie: The first question we have is John Van Rie of Craig Hallem. Please go ahead. Hi guys, a couple for me. So just maybe if you'd start and either the Johns, I guess, take your pick, but on the net new ARR, just expand a bit more on bookings and turn relative to expectations in the corridor. I heard them mentioned in passing, but I'm trying to deconstruct there. The turn meet expectations was turned a bit higher than expectations. I think I heard you say the bookings were ahead, but just retouch on that for a second if you would.
John Deneen Collins: Hi guys a couple for me so just maybe if you start and either of the Johns I guess take your pick but on the on the net new ARR just expand a bit more on bookings and churn relative to expectations in the quarter I heard them mentioned in passing but I'm trying to deconstruct there the churn meet expectations with churn a little bit higher than expectations I think I heard you say the bookings were ahead but just retouch on that for a second if you
Speaker Change: The first question we have is,
Speaker Change: John Vannery of Craig Halley.
John Deneen Collins: Please go ahead.
Speaker Change: Hi guys, a couple for me. So just maybe if you'd start, and either of the Johns I guess take your pick, but on the net new ARR, just expand a bit more on bookings and churn relative to expectations in the quarter. I heard them mentioned in passing, but I'm trying to deconstruct there. The churn meet expectations with churn a little bit higher than expectations. I think I heard you say the bookings were ahead, but just retouch on that for a second if you would.
John Deneen Collins: Yeah, Jeff, I'll start here. Broadly speaking, we were a little better on churn than we previously expected. And on the new deals, while we were up 58% sequentially, that was a little lower than what we had previously expected. All in all, though, new ARR improved considerably from the first quarter to the second.
John Collins: Yeah, Jeff, I'll start here. Broadly speaking, we were a little better on churn than we previously expected, and on the new deals, while we were up 58% sequentially, that was a little lower than what we had previously expected. All in all, though, new ARR improving considerably from the first quarter to the second.
Speaker Change: Yeah, Jeff, I'll start here.
Speaker Change: Broadly speaking, we were a little better on churn than we previously expected, and on the new deals, while we were up 58% sequentially, that was a little lower than what we had previously expected. All in all, though, new ARR improving considerably from the first quarter to the second.
John Deneen Collins: And on the new deal front, I mean obviously there's some changes going on in the new CRO, you're obviously pushing harder into partners, but with respect to the direct sales motion and win rates you're seeing, just talk a bit about the observation over, you know, the last six months and how that's trending.
John Collins: And on the new deal front, talk about, I mean, you're obviously pushing harder into partners, but with respect to the direct sales motion and win rates you're seeing. Just talk a bit about the observation over, you know, the last six months and how that's trending. I'll start, Jon. If you want to add more detail, please feel free. So when it comes to your business, you know, part of the reason we brought at Sandy Hogan is really to improve that partner motion and to rebuild our ability to acquire any loadless. And it's also a structural improvement with pricing and packaging so that we can be more competitive.
Speaker Change: And on the new deal front...
Speaker Change: Is talk about I mean obviously there's some changes going on new CRO you're you're obviously pushing harder into partners But with respect to the direct sales Motion and win rates you're seeing just talk a bit about the observation over you know the last six months, and how that's trending
John Sabino: I'll start, John, and if you want to add more detail, please feel free. So when it comes to new business, part of the reason we brought in Sandy Hogan is really to improve that partner motion and to rebuild our ability to acquire new logos. And it's also a structural improvement with pricing and packaging so that we can be more competitive. So the win rate has actually improved quarter over quarter.
Speaker Change: I'll start, John , and if you want to add more detail, please feel free. So, when it comes to new business, you know, part of the reason we brought in Sandy Hogan is really to improve that partner motion and to rebuild our ability to acquire new logos.
John: And it's also a structural improvement with pricing and packaging so that we can be more competitive. So the win rate has actually improved quarter over quarter. We still have some ways to go. And it's going to take a few quarters for Sandy to fully ramp it up.
John Collins: So the win rate has actually improved quarter over quarter. We still, you know, some ways to go. And it's going to take a few quarters for Sandy to fully ramp it up. But the initial indications is that quicker rollout of pricing and packaging, engaging with our customers with a stronger CS motion and some of the new capabilities that we're releasing on the APR, ARR, you know, are attractive to new logos and we're looking to see further improvement there. And the win rate has been improving quarter over quarter. That's all fun.
John Sabino: We still, you know, have some ways to go, and it's going to take a few quarters for Sandy to fully ramp it up, but the initial indications are that a quicker rollout of pricing and packaging, engaging with our customers with a stronger CS motion, and some of the new capabilities that we're releasing on the apron are, you know, attractive to new logos, and we're looking to see further improvement there And their win rate has been improving quarter over quarter.
John: But the initial indications is that a quicker rollout of pricing and packaging, engaging with our customers with a stronger CS motion, and some of the new capabilities that we're releasing on the A-front are attractive.
John: to new logos, and we're looking to see further improvement there. And the win rate has been improving quarter over quarter.
John Sabino: That's helpful. And on the churn, you said it was a bit better than expected. I know you're rolling out new pricing and packaging, but it seems I think that just hit. So just curious what you would attribute the improved churn to. The improvement, I've, John, I'll
John Collins: I'm the churn. You said it was a bit better than expected. I know you're rolling out new pricing and packaging, but seems I think that just hit. So just curious what you would attribute the improved churn to the improvement. I've John; I'll jump on that one too. Again, feel free to add some extra commentary here. So this goes back to the initial conversation that we have in Jeff with having to improve on exactly how we engage with customers, getting additional value out of the platform. We spoke about being able to use more of what LivePerson offers versus just isolated use cases or messaging in and unto itself.
Speaker Change: That's helpful. And on the churn, you said it was a bit better than expected. I know you're rolling out new pricing and packaging, but it seems I think that just hit. So just curious what you would attribute the improved churn to.
John Sabino: The improvement, John, I'll jump on that one too. Again, feel free to add some extra commentary here.
Speaker Change: The improvement, uh, Jon, I'll jump on that one too. Again, feel free to add some extra, uh...
John Sabino: So, this goes back to the initial conversation that we had with Jeff about having to improve exactly how we engage with customers, getting additional value out of the platform. We spoke about being able to use more of what LivePerson offers versus just isolated use cases or messaging in and of itself. So, all of these processes now have had a few months to move forward with our CS organization. We spoke about the frameworks and conversational value paths that we use with customers to do that.
Jon: Commentary here. So this goes back to the initial conversation that we had with Jeff with having to improve on exactly how we engage with customers, getting additional value out of the platform. We spoke about being able to use more of what
Jon: LivePerson offers versus just isolated use cases or messaging in and unto itself.
John Collins: So all of these motions now have had a few months to move forward with our CS organization. We spoke about the frameworks and conversational value paths that we use with customers to do that. So the improvements that we're seeing in retention really is being driven by some of the additional value that we're seeing being driven by our AI capabilities, opening up more of our portfolio to customers and the activities that Kevin Meeks is driving with our CS organization. And of course, the transaction with Linnrock Lake is also playing into this as well. I think it removed some of the concern customers may have had strategically partnering with a smaller term.
John Sabino: So all of these motions now have had a few months to move forward with our CS organization. We spoke about the frameworks and conversational value paths that we use with customers to do that.
John Sabino: So, the improvements that we're seeing in retention are really being driven by some of the additional value that we're seeing being driven by our AI capabilities, opening up more of our portfolio to customers, and the activities that Kevin Meeks is driving with our CS organization. And, of course, the transaction with Linrock Lake is also playing into this as well. I think it removes some of the concerns customers may have had in strategically partnering with us for the long term. Thank you. With that, we have reached the end of our call today, and thank you for joining us.
Jon: So the improvements that we're seeing in retention really is being driven by some of the...
Kevin Meeks: additional value that we're seeing being driven by our AI capabilities, opening up more of our portfolio to customers, and the activities that Kevin Meeks is driving with our CS organization. And of course, the...
Speaker Change: transaction with Linrock Lake is also playing into this as well. I think it removed some of the concern customers may have had in strategically partnering with us longer term.
John Van Rie: Thank you.
Operator: With that, we have reached the end of the call today. And thank you for joining us. ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ ¶ �
Speaker Change: Thank you. With that, we have reached the end of the call today, and thank you for joining us.
Speaker Change: www.LivePerson.com